Former NIOB president calls for viable mortgage system to tackle Nigeria’s housing challenges
Author : PNT Bureau
Former President of the Nigerian Institute of Building, Chuks Omeife, expresses concern over Nigeria's low homeownership rate due to a lacking mortgage system. This has hindered housing development and led to a prolonged national housing deficit. Omeife cites high building material costs and a reliance on imports as driving unaffordability. He advocates adopting Malaysia's approach, emphasizing quality, efficiency, and cost-effectiveness in housing. Malaysia's policy seamlessly integrates diverse income groups within housing communities. With government support, developers receive free land, allocating 30 percent for low-income housing....
Dubai's Changing Rental Landscape: New home supply impacts rent prices
Author : PNT Bureau
Dubai's popular residential areas are witnessing an increase in new home availability, leading to a slowdown in rising rent prices. This trend is evident in leasing agreements across sought-after communities. Landlords are becoming more realistic in their rental expectations, with actual rates often falling within the lower end of the advertised range. This shift aims to prevent overheating of the property market. Regions with increased property supply, like Meydan and Arabian Ranches 3, show minimal rental rate growth. Limited rental units in areas such as Dubai Silicon Oasis and Jumeirah Beach Residence see higher-than-average price increases. Mid-market neighbourhoods like Jumeirah Village Circle and Dubai South also experience a deceleration in rental price hikes as more options emerge. The Expo Village in Dubai South, conceived for Expo 2020 Dubai, highlights the legacy of this deve...
BCA report debunks myths surrounding the housing crisis in Australia
Author : PNT Bureau
The Business Council of Australia (BCA) has addressed concerns regarding the housing crisis and its correlation with post-pandemic migration in a recent report. Despite acknowledging the scarcity of housing as a genuine problem, the BCA has dismissed the notion that migration is the primary cause, asserting that the main issue lies in inadequate policy and planning. The council emphasized that labelling the migration adjustments as a “big Australia” policy is misleading. Inefficiencies in planning systems and restrictive zoning were identified as obstacles to housing development....
Canada introduces First Home Savings Account, a step toward affordable homeownership
Author : PNT Bureau
Starting April 1, 2023, Canadian financial institutions can introduce the First Home Savings Account, aiding initial
home purchase. With a $8,000 annual contribution cap, individuals can amass $40,000 in 15 years. Notably, tax relief
is a key perk during filing. The account pairs with the Home Buyers’ Plan, permitting up to $35,000 withdrawal from
RRSPs for home-related use. Re-contributions span 15 years without standard tax deductions. This aligns with
Canada's housing strategy, bolstering affordability and ownership by expediting saving for down payments. Tax-
exempt, the account aids first-time homeowners by facilitating tax-deductible contributions and tax-free withdrawals.
Seven institutions offer the account, more to follow....
The Central Bank of Oman's 2023 Financial Stability Report highlights the Omani real estate market's recovery due to revived economic activities. Economic conditions improved in 2022, with post-pandemic population recovery vital in reigniting property demand. Expatriates, key users of rental homes, increased by 8% in 2022 compared to 2020's pandemic onset, bolstering economic activity alongside growing local employment. Residential property prices rose by an average of 7% in 2022, rebounding from 2021 lows. Economic resurgence, supported by favorable oil prices and labor market recovery, led to increased property demand while maintaining affordable rents. The report is optimistic about stable real estate prices, showcasing sector resilience....
New Zealand property resale profits dip to 93.1% amidst price slump
Author : PNT Bureau
A recently released report by CoreLogic NZ Pain & Gain highlights a concerning trend in New Zealand's property market. Property resales for a profit have dropped to 93.1%, marking the lowest level since 2015. This decline is attributed to rising interest rates and subsequent property value decreases. Auckland is notably impacted, with 11% of Q2 property resales incurring losses. Despite property value stabilization, further resales with losses are anticipated. However, the report suggests that unlike past cycles, a full return to financial distress is unlikely due to a robust labour market and limited mortgage repayment issues....
Amazon founder Jeff Bezos purchases a home in “Billionaire Bunker” Indian Creek Island, Miami
Author : PNT Bureau
Amazon founder Jeff Bezos makes headlines as he becomes the latest addition to the elite community of Indian Creek Island, known colloquially as the "Billionaire Bunker." This secluded oasis in Miami, Florida, has gained renown as a haven for the wealthy and famous. Bezos' acquisition of a multi-million dollar waterfront home on the exclusive island cements his place among a select group of high-net-worth individuals, including celebrities like Tom Brady and Ivanka Trump. Indian Creek Island's allure lies in its lavish properties, unparalleled security, and the prestige of belonging to a community that values privacy and luxury....
Euroboden's insolvency reflects strain in Germany's real estate landscape
Author : PNT Bureau
Amid a downturn in the real estate sector, Munich-based property developer Euroboden GmbH has filed for insolvency, citing failed property sales negotiations and impending credit rating downgrades. The firm's cancellation of a bondholders' meeting and its decision to refocus on core operations in Munich and Berlin underscore the challenges within the industry. Germany, Europe's largest economy and the continent's primary real estate investment market, is grappling with a decline in property prices and construction growth, posing broader implications for its economic output and job market. This development comes as a wave of insolvencies sweeps through the sector, echoing similar troubles in the US and Sweden....
IWG explores reporting currency shift amidst rising US dollar dominance
Author : PNT Bureau
Office rental firm IWG, with an extensive global presence and notable clients such as Microsoft and Disney, is evaluating the possibility of changing its reporting currency from IFRS to US GAAP. As the majority of IWG's revenue is tied to the U.S. dollar and given the recent volatility of the British pound, the company seeks to adapt its reporting practices. This move reflects the evolving landscape of international business transactions and financial standards....
Rising rent hikes plague UK renters as Shelter grapples with housing crisis
Author : PNT Bureau
Homelessness charity Shelter is aiding renters facing steep rent hikes, some up to 50%, due to factors like limited housebuilding and tax policy changes affecting landlords. Families are grappling with rising costs, with the lack of new housing contributing to the problem. The removal of mortgage tax relief and elevated taxes have forced landlords to increase rents for profitability. Additionally, tenants could bear the brunt of escalating mortgage and energy costs through higher rent charges. The situation highlights the challenges renters face in the UK housing market, where affordability and living standards are compromised....
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